How are lowest wages different from a living wage, or a fair wage?

The lowest wage is the literal lowest wage an organization pays an individual in their company.

A living wage is based on an estimate of the cost of living in a community or region based on typical expenses, taking into account the costs of food, medical, housing, transportation, utilities, childcare, education, taxes, and savings. We believe all manufacturers should be striving to ensure their lowest wage is at, or above, the living wage so that everyone in their organization can meet their basic needs.

A fair wage, while by definition is intended to be reasonable for the type of work done, is just too subjective.